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Taxes are crazy in Nassau. Can you afford that? From what I have read, you have been looking at condos in Yaphank. And 50K salary will price you right out of these areas.
Ok, so you are hoping for a combined income of 90K if all goes well? Buying a 300K house, plus closing costs, and taxes WILL go up the second you move in....Im sorry, but you will be house poor.
And, again, this house WILL not be available in 2 years.
That last house. You mentioned this 70k you will be getting. (Really though, with everything else, you will need at least another 20k for incidentals and other fees)
I'm not very good at math, but this is a rough estimate.
Let's say you buy the house for selling price. $299,999. You give $70k. So now your mortgage is $229,999
Let's say you have a 4.5% interest rate on your house. That's about $860 a month for 30 years
Then add your taxes. They are about $9500 a year. That's about another $860 a month in taxes
Mortgage total each month is $1720 a month.
That doesn't include electricity, oil (this house has oil), water, maintenance, lawn care, emergencies. I could go on, but I'm sure many people have already.
And really, you need to consider your salary AFTER taxes. Both of you barely make 70k together. This house is out of your range and you will be house poor.
Seriously, talk to a mortgage broker or a bank. They can pre-approve you of an amount. It really isn't that hard to do!
That last house. You mentioned this 70k you will be getting. (Really though, with everything else, you will need at least another 20k for incidentals and other fees)
I'm not very good at math, but this is a rough estimate.
Let's say you buy the house for selling price. $299,999. You give $70k. So now your mortgage is $229,999
Let's say you have a 4.5% interest rate on your house. That's about $860 a month for 30 years
Then add your taxes. They are about $9500 a year. That's about another $860 a month in taxes
Mortgage total each month is $1720 a month.
That doesn't include electricity, oil (this house has oil), water, maintenance, lawn care, emergencies. I could go on, but I'm sure many people have already.
And really, you need to consider your salary AFTER taxes. Both of you barely make 70k together. This house is out of your range and you will be house poor.
Seriously, talk to a mortgage broker or a bank. They can pre-approve you of an amount. It really isn't that hard to do!
Sounds like the ratio of 80% (yes, I made that # up, lol) of most Long Islanders. Most of us are house poor and busting hump paycheck to paycheck til the kids get through school and leave. Why should this dude be any different. Most of us are just one layoff away from being under water and we consider ourselves lucky for what we have. Gotta live somewhere and renting is a non-starter around here.
Ok, so you are hoping for a combined income of 90K if all goes well? Buying a 300K house, plus closing costs, and taxes WILL go up the second you move in....Im sorry, but you will be house poor.
And, again, this house WILL not be available in 2 years.
You don't understand I'm not looking to buy this house now I'm just looking at where options could be if the prices status same or if they go up slightly. These houses I'm not looking to buy I'm just showing what type of houses we are happy to live in.
You don't understand I'm not looking to buy this house now I'm just looking at where options could be if the prices status same or if they go up slightly. These houses I'm not looking to buy I'm just showing what type of houses we are happy to live in.
you're right, we don't understand. NOBODY conducts a house search in this manner.
you're right, we don't understand. NOBODY conducts a house search in this manner.
People are not understanding that I am not looking for homes in this area to buy now. I'm just looking to see what homes would be available in certain areas and I'm not looking to buy this actual house that I post or any other houses that I post because people keep on saying that it's not going to be available in two years. That's what people are misunderstanding.
Sounds like the ratio of 80% (yes, I made that # up, lol) of most Long Islanders. Most of us are house poor and busting hump paycheck to paycheck til the kids get through school and leave. Why should this dude be any different. Most of us are just one layoff away from being under water and we consider ourselves lucky for what we have. Gotta live somewhere and renting is a non-starter around here.
Why shouldn't this dude be different? Everyone is struggling on Long Island and if someone can avoid being house poor, than why not?
There's nothing wrong with saying if someone is going to be in over their head.
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